Kids and Money

Updated 8 months ago

What do kids need to know and when should they know it? Here are some tips for you and this summer of fun and learning. Money comes from…? – By the age of five kids should know that grownups go to work to get money, where the money is ‘stored’ and that is limited. They should know the names of coins and cash and around this time get an allowance. Things to know – as they get older they should understand the problem of peer pressure on spending and be given enough control of their cash for their use that you begin to see their inner saver come out. They won’t always spend if they can get YOU to spend instead. They seldom want something THAT desperately. Around age 8 they should know how much things cost around the house and using math to balance the checkbook. Get them in the details so they are smarter than many of us were about real life and finance. Older kids – Kids over age 10 should understand credit cards, advertising, the stock market, working for money and have a checking account. Teens need to know about credit reports and the things that impact your report and understand loans.You have to do the best you can. But you know you need to do something.Citation:http://money.cnn.com/magazines/moneymag/money101/lesson12/index.htmhttp://www.parents.com/kids/responsibility/money-management/money-milestones-for-kids/Marion Syversen, MBANorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.comCheck out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com Disclosure:Only securities and advisory services offered through Wall Street Financial Group, Inc. Registered Investment Advisor. Member FINRA/SIPC. Wall Street Financial Group, Inc. and Norumbega Financial are separate entities, independently owned and operated.


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